A sports book has a large array of bets you can take. Knowing what they are and how they work will better your chances of winning and increase your profits. After reading this step-by-step how-to, you’ll know how to place the most common kind of joint wager: the parlay.

Steps

Part 1

Understanding the parlay bet

1

Learn what a parlay is. A parlay is a group of two or more straight bets, in which the outcome of all the individual picks affect the outcome of your wager. To win the parlay, you’ll have to win all the straight bets in it. Why would you want to take a parlay? Easy, it pays much more than a straight bet, because it’s harder to hit.

2

Be aware that the rules can differ. Different sports books have different rules regarding parlays. The two most important rules you’ll want to ask about are:

1. Up to how many picks can you take in a parlay? The more picks you take, the more it will pay.

2. What happens with cancellations? Some sportsbooks will cancel a parlay if one of the picks tie or the game is cancelled, while others will just turn the parlay into a smaller one (a five-team parlay with one cancellation will become a four-team parlay with an adjusted pay out).

Part 2

Getting the rundown

1

Call your favorite sports book. After the clerk’s initial greeting, give him your account number and password, and ask for the lines you’re interested in. If you want to hear the complete board, you may ask for a rundown. Have a pen and the sports’ schedule with you! You can make a parlay with only one game, using the total and the money line or the total and the point spread. Most sports books won’t allow you to parlay the money line and spread of the same game.

2

Write the lines down. A complete rundown can vary anywhere between two lines to up to more than fifty in college football or basketball. You’ll want to write the lines down to study them. There are many different lines you can bet on: money-lines, point spreads, totals, first halves, second halves, props, futures, match-ups; the list goes on and on. Parlays are exotic bets and as such will have some restrictions such as what kind of lines you can take or what kind of odds. The most usual restrictions are that you cannot parlay props, or that there is a limited amount of dog lines you can parlay together. This is done to avoid a high payout.

Part 3

Selecting your picks, teams and total

1

Decide how many picks you want in your parlay. Remember, the more picks you add in the parlay the more it will pay, but it will also be harder to hit. You will also want to be careful with taking too many money line favorites, as this will lower your payout. Sure, a favorite with a -400 money line will probably win, but it will also lower your payout considerably.

2

Pick your teams and totals. You can take a parlay with only teams-to-win, or combined with totals. You can also combine sports and halves of games (different sportsbooks will have different restrictions on parlaying the whole game with the halves).

Part 4

Deciding on an amount

1

Decide on an amount. There are plenty of parlay calculators available online, which can help you decide how much to bet to win the amount you’re hoping for. The more money line dogs you take in a parlay, the more it will pay. Study the example below (based on Vegas parlay payout).

In this example a parlay with the Ravens point spread -4 points, the game going over 40.5 points, the Steelers money line -275 and the first half Jets money line -167, $20 would bring back $138.

Notice how a change in a money line or juice will affect your payout:

Parlay $20/370

Ravens -4 -110
Ravens Over 40.5 -110
Bengals +235
H Jets -167

In this example a parlay with the Ravens point spread -4 points, the game going over 40.5 points, the Bengals money line +235 and the first half Jets money line -167, $20 would bring back $370.

Part 5

Placing the bet

1

Make the bet. Begin by telling the clerk what kind of play you want and the number of picks in it. For the example above, you’d say: “I want a four-team parlay.”

2

Give the clerk your picks. It will take the clerk a second to set everything up to take your play, so give him a moment and then start listing your picks. It is not necessary to give the clerk the lines, for the example above you would say:

Notice that for the point spread it is not necessary to specify what kind of line it is, as opposed to the money line picks. This is because the point spread is the main line on football. The only time you must specify you want the point spread is if during the call you have asked for the money line as well as the point spread.

3

Give the clerk the amount you are willing to risk. A simple “for twenty” is enough to let the clerk know that you want to risk twenty dollars on this parlay. If you say nothing after listing your picks, the clerk will prompt you by asking “for how much”, if you prefer you can wait for this moment to give him your wager’s risk.

4

Listen to the read back. The clerk will now ask you if you need anything else. If that’s the only play you want to make, say “no thank you”. The clerk will proceed to give you the read back. Listen carefully and make sure you’re taking the teams, the lines and the amount you wanted. If everything is in order, confirm your parlay by giving the clerk your account number and password one last time. The clerk will then thank you and end the call.

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Tips

It’s a good idea to familiarize yourself with your sports book's rules regarding parlay betting. Ask about maximum picks, what sports and types of lines you can parlay together, and if there’s a maximum payout.

Be polite to your clerk! You never know when you might need them to give you and extra minute or two on a game about to start.